LVMH Continues to Expand in Asia
(Source: LuxuryBrandNetwork.com)
LVMH reported a third-quarter sales
drop of 0.6% to €4.135 billion.
Before the favorable impact
of currency exchange, sales dropped 3%.
For the nine months through
September, all regions outside Asia (excluding Japan) experienced sales
declines. Asia grew 7% while
Japanese sales tumbled 19%. U.S.
sales slumped 12% and European revenue was down 5%.
The company's Watch & Jewelry
division suffered a 28% decline through September while Wine & Spirit sales
are down 18%. Fashion & Leather
Goods saw declines in the U.S. and Japan that were offset by gains in Asia
(+19%) and Europe (+5%). Perfume
& Cosmetic sales fell 7%.
The company's eponymous Louis
Vuitton brand continues to expand in China, where it performed "exceptionally
well." The company plans to open
its first store in Mongolia.
(Posted 3 Nov
2009)
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